Price to FCFE (P/FCFE)
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Celgene Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Free Cash Flow to Equity (FCFE)
Celgene Corp., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities shows an overall increasing trend from 2014 to 2018. Starting at $2,806 million in 2014, it experienced a slight decline in 2015 to $2,484 million. From 2015 onward, there was a steady and substantial increase, reaching a peak of $5,246 million in 2017, followed by a marginal decrease to $5,171 million in 2018. This pattern indicates growing operational efficiency and cash generation capability over the period, despite the slight fluctuations observed in 2015 and 2018.
- Free Cash Flow to Equity (FCFE)
- The free cash flow to equity exhibits more volatility compared to net cash from operations. It rose significantly from $4,681 million in 2014 to $9,495 million in 2015, more than doubling in one year. However, 2016 saw a marked decline to $3,740 million, reflecting possible increased investments or other cash outflows. Subsequently, FCFE rebounded again, increasing to $6,531 million in 2017 and further up to $9,293 million in 2018. This indicates periods of fluctuating capital expenditures, financing activities, or changes in working capital, but with an overall positive trend by the end of the period.
- Summary of Trends
- Both cash flow metrics demonstrate growth over the five-year span, with operational cash flows showing steady improvement and free cash flow to equity reflecting more pronounced fluctuations. This suggests a dynamic approach to capital management and investment decisions, balancing cash generation with reinvestment or financing activities. The data implies strong financial health with the capacity to generate cash internally and provide returns to shareholders, albeit with variability in free cash flow likely linked to strategic expenditures or financial structuring.
Price to FCFE Ratio, Current
Celgene Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| AbbVie Inc. | |
| Amgen Inc. | |
| Bristol-Myers Squibb Co. | |
| Danaher Corp. | |
| Eli Lilly & Co. | |
| Gilead Sciences Inc. | |
| Johnson & Johnson | |
| Merck & Co. Inc. | |
| Pfizer Inc. | |
| Regeneron Pharmaceuticals Inc. | |
| Thermo Fisher Scientific Inc. | |
| Vertex Pharmaceuticals Inc. | |
Based on: 10-K (reporting date: 2018-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Celgene Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
1 Data adjusted for splits and stock dividends.
3 2018 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Celgene Corp. Annual Report.
5 2018 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price Trend
- The share price displayed a generally declining trend over the analyzed period, decreasing from $123.43 at the end of 2014 to $89.71 at the end of 2018. Notably, there was a temporary increase in 2016 to $115.61, but this was followed by a decline in subsequent years.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share showed volatility throughout the period, starting at $5.85 in 2014 and nearly doubling to $12.15 in 2015. It then dropped significantly to $4.81 in 2016, followed by a recovery to $8.68 in 2017, and reaching the highest value of $13.23 in 2018.
- Price to Free Cash Flow to Equity (P/FCFE) Ratio
- The P/FCFE ratio exhibited substantial fluctuations, beginning at 21.11 in 2014 and falling sharply to 8.2 in 2015. It surged to 24.05 in 2016, indicating a higher valuation relative to FCFE, then decreased to 10.96 in 2017 and further to 6.78 in 2018, reflecting an increasingly attractive valuation based on FCFE.
- Overall Insights
- The combination of a declining share price and an increasing FCFE per share toward the end of the period suggests improving cash flow generation relative to market price. The declining P/FCFE ratio by 2018 indicates that the equity price became more attractive in relation to its free cash flow generation. The oscillations in both FCFE per share and P/FCFE ratio imply underlying volatility in earnings or cash flow stability over these years.